Wall Street: Shunned by The Big Board

Shunned by The Big Board

For years, former Drexel Burnham chief Frederick Joseph has spent his weekends forging metal at his country home in New Jersey. Now he's likely to have even more time to perfect his craft. Last week the New York Stock Exchange suspended Joseph for two years for his allegedly lax stewardship of the bankrupt firm, where he oversaw junk-bond king Michael Milken. The Big Board's $ rebuke prohibits Joseph from acting as a manager or supervisor at its member firms and bars him from owning a controlling interest in those companies. The penalty won't force Joseph to earn his living by the...